PRESS DIGEST - British business - Nov 14

The Times

REXAM MOVES FORMER FINANCE BOSS UP TO THE TOP JOB

Rexam (REX.L), the drinks can maker, said its chief executive of three years, Leslie Van de Walle, would leave at the end of the month. He is the second FTSE 100 CEO to leave in a week and will be replaced by Graham Chipchase, director of its plastic packaging arm and former group finance director. The parting is not thought to be acrimonious, but the company wanted someone to lead the business through the next few years. Mr Van de Walle could not offer that. Rexam also issued a trading update and said results were in line with market expectations.

DIRECTORS OF KENMORE CONSIDER BUYOUT PLANS

Directors at Kenmore Property Group are planning a management buyout of its asset management arm and Middle East division. The buyout was first disclosed before the group fell into the hands of administrators Grant Thornton owing more than 700 million pounds to Lloyds Banking Group(LLOY.L). The buyout will depend on the directors securing finance. Grant Thornton is examining assets with a view to a potential restructuring and sale of certain properties. It is thought Lloyds will sell the better-quality assets and manage the others until there is a recovery in the markets.

IT WOULD BE 'BARKING MAD' TO ACCEPT BID FOR RUGBY ESTATES, SAYS CHAIRMAN

The chairman of Rugby Estates Investment Trust said shareholders would be 'barking mad' to accept a 41 pence-a-share takeover offer from Laxey Partners. Philip Kendall said the bid is perfectly timed, but ridiculous. Laxey made the offer after increasing its share to 36 percent and said it represents a premium of 35 percent over the average closing price over the 12 months to October 12 at 30.37 pence. It also intends to conduct a strategic review of Rugby and would work with the board to maximise returns and reduce costs.

The Daily Telegraph

COBHAM WARNS OF FAULTY EQUIPMENT

UK defence company Cobham(COB.L) has warned the U.S. military about a faulty microchip in planes used by pilots when they eject. Cobham said a "limited quantity" had been found to contain a fault and will replace the equipment for free. The microchip automatically unbuckles a pilot's parachute and other equipment when he lands in the water to stop him from being dragged under. Cobham said that, so far, there have been no reported accidents as a result of this fault.

ELECTRICAL PARTS FIRM SEES SALES FALL SLOW